ed in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 55% of the business days it is open. Estimate the probability that the store will gross over $850 for the follow
ed in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 55% of the business days it is open. Estimate the probability that the store will gross over $850 for the follow
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section: Chapter Questions
Problem 15CR
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Concept explainers
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
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Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 55% of the business days it is open. Estimate the probability that the store will gross over $850 for the following. (Round your answers to three decimal places.)
(a)
at least 3 out of 5 business days
(b)
at least 6 out of 10 business days
(c)
fewer than 5 out of 10 business days
(d)
fewer than 6 out of the next 20 business days
If the outcome described in part (d) actually occurred, might it shake your confidence in the statement p = 0.55? Might it make you suspect that p is less than 0.55? Explain.
Yes. This is unlikely to happen if the true value of p is 0.55.Yes. This is likely to happen if the true value of p is 0.55. No. This is unlikely to happen if the true value of p is 0.55.No. This is likely to happen if the true value of p is 0.55.
(e)
more than 17 out of the next 20 business days
If the outcome described in part (e) actually occurred, might you suspect that p is greater than 0.55? Explain.
Yes. This is unlikely to happen if the true value of p is 0.55.Yes. This is likely to happen if the true value of p is 0.55. No. This is unlikely to happen if the true value of p is 0.55.No. This is likely to happen if the true value of p is 0.55.
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